Steamhouse India ( ₹414 crore) and Manika Plastech ( ₹125 crore) will together will raise ₹539 crore through initial public offering (IPO) on the mainboard.
Steamhouse India plans to make fresh equity share issuance of ₹353 crore and through an offer for sale (OFS) of ₹61 crore. The price band has been fixed from ₹ 77 to ₹81 a share. Bids can be made for a minimum of 185 equity shares and in multiples of 185 shares thereafter. The issue opens for subscription on Wednesday.
Debt repayment
The company intends to use net proceeds from IPO for part-payment of outstanding borrowings, funding capital expenditure including capacity expansion of the Ankleshwar Facility and the Panoli Facility besides setting up a new manufacturing facility for generation of steam at Dahej GIDC and general corporate purposes.
Steamhouse India specialises in the generation and centralised distribution of industrial gases, including steam and nitrogen, through its pipeline network.
It generates and provides industrial gas to various industrial customers through pipeline network and alternative means according to customer requirement.
The company commenced its first facility for nitrogen supply in February 2025 through a distributed pipeline network at its Ankleshwar facility.
Equirus Capital was the sole Book Running Lead Manager to the offer.
Manika Plastech
The company plans to raise ₹125 crore through IPO. It has fixed the price band at ₹40- 43 per equity share.
Bids can be made for a minimum of 348 equity shares and in multiples of 348 Shares thereafter. The issue opens for subscription on Friday.
The offer comprises of a fresh equity share of ₹92 crore and an OFS of 76,74,418 equity shares.
The company plans to use the fund raise for capital expenditure towards purchase of plant and machinery, repayment of debt and general corporate purposes.
Pantomath Capital Advisors was the book running lead manager to the offer.